PANews reported on November 12 that Matt Hougan, Chief Investment Officer of Bitwise, stated that Coinbase's launch of a new token sale platform marks a major turning point in the way capital is formed in the crypto industry. Compliant ICOs are expected to reshape the financing model in 2026 and become a key force driving a new bull market.

Hougan believes that after Bitcoin reshaped "digital gold," stablecoins reshaped "digital dollars," and asset tokenization reshaped trading and settlement systems, the fourth phase of the crypto industry will be a decentralized revolution in "capital formation." He points out that Coinbase will launch one rigorously vetted token project each month, with the first being Monad (MON), whose token sale will take place from November 17th to 22nd. Hougan predicts that 2026 may see the emergence of several compliant ICOs with market capitalizations exceeding one billion US dollars. This model will create new opportunities for entrepreneurs and investors and strengthen the long-term investment logic of crypto assets.